The market believes the Fed has ditched its 'pedal to the metal' tightening approach, BobPisani writes.
If you're trying to understand why the market is going up this morning, good luck. Futures did move up a little after at 2 a.m. ET, which is when German Q2 GDP came out, slightly better than expected. China also announced a large stimulus program aimed largely at infrastructure. That's as good an explanation as any.
Kansas City Fed President Esther George , speaking with CNBC's Steve Liesman this morning, declined to say whether she would support a 50 or 75 basis point hike but she said she would want to see "three consistent months of data" before she would be convinced inflation was starting to come off its highs.
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